2026/2027 Federal Tax Update - Day 1

Date: 11-11-2026
Time: 9:00 AM – 5:00 PM EST, including a 1 hour lunch and (2) 10-minute breaks

Our Federal Tax Update covers individual and business taxation. This online event will update tax professionals on the complexities of the Federal tax law and client focused planning opportunities. You will also have the ability to speak with the instructors directly and ask questions during the presentation.

Day 1 Topics

Day 1 – Part 1 (9:00 AM – 12:30 PM ET) taught by Sheldon Clark

Pass-Through Entity Taxation – How income, deductions, and credits flow through partnerships, S corporations, and LLCs to owners' individual returns, including basis tracking, distributions, and special allocation issues.

Net Investment Income Tax Overview – A refresher on the 3.8% NIIT surtax: what counts as net investment income, the MAGI thresholds that trigger it, and planning strategies to reduce exposure for higher-income clients.

Does the Tax Professional Need a Power of Attorney – When practitioners should obtain a Form 2848 POA to represent clients before the IRS, the scope of authority it grants, and common mistakes that lead to rejected or limited authorizations.

FinCEN Reporting – Where Beneficial Ownership Information reporting under the Corporate Transparency Act currently stands, including the domestic-company exemption, the new residential real estate reporting rule, and what remains in flux through litigation and rulemaking.

Day 1 – Part 2 (1:30 PM – 5:00 PM ET) taught by Larry Johnson

Research and Experimental Expenditures (IRC §174) – The capitalization and amortization rules that still apply to foreign R&E costs, and how the prior TCJA framework continues to affect cross-border research spending.

Domestic Research or Experimental Expenditures (IRC §174A) – The new code section restoring immediate expensing for domestic R&E costs, including available elections, transition relief for 2022–2024 capitalized amounts, and retroactive options for small businesses.

Evolving Issues of Marijuana Taxation – The conflict between state legalization and federal tax treatment, the continuing impact of IRC §280E on cannabis businesses, and recent court and rescheduling developments.

Cases, Rulings, and IRS Developments (Individuals) – A roundup of recent Tax Court decisions, IRS rulings, and other guidance affecting individual taxpayers, with practical takeaways for return positions and client advice.

Please note that topics are subject to change

Course Number: LWC111126
NASBA Field of Study: Taxes (8 hours)
Level: Overview
Instructional Method: Group Internet Based
Presenter: Sheldon Clark and Larry Johnson
Prerequisites: A basic understanding of Federal tax laws
Advanced Preparation: None
IRS Program Numbers: XW9MP-U-02053-26-O and XW9MP-U-02054-26-O